Stanbic Bank Botswana has secured a $125-million loan guaranty with the Overseas Private Investment Corporation (OPIC) and Botswana Finance, a subsidiary of Lazare Kaplan, to support diamond manufacturers in the country, according to Mining Weekly.
This was the second tranche of a $250-million OPIC loan guaranty.
Stanbic Bank said it had been lending to diamond beneficiation companies in Botswana for over 10 years and the facility would allow it to expand the availability of financing for the sector.
“We expect continued growth in Botswana’s diamond beneficiation sector to have positive residual effects on several sectors, including electricity, finance and business,” said Stanbic acting chief executive Samuel Minta.
OPIC president Ray Washburne said the project would keep the value-adding process of the diamond supply chain in Botswana, promote local job creation, diversifying economic growth and bringing [about] global trade opportunities.